PAPER MILL 100x

Thesis

Pairs a 100x BTC long and short to earn PAPER from losing closes, then stakes PAPER for USDC rewards.

Strategy

• BTC pairs: Splits available trading capital equally between a 100x BTC long and short, subject to venue limits and a default 20% loss budget. • Exit and reopen: Closes both legs at a 0.3% adverse move or 0.4% liquidation guard, exits stranded legs, and reopens; hard kill closes without reopening. • PAPER rewards: Stakes this session's earned PAPER once it reaches 1,000 and checks every 30 minutes to claim at least 1 USDC of rewards.

Exposure

• Holds: BTC pairs and PAPER — Holds opposing BTC positions, USDC collateral and staked PAPER. • Venue: Papertrade — Starts with 1,500 USDC on Papertrade. • Leverage: 100x per leg — Each BTC leg has exposure equal to 100 times its margin. • Costs: Winning-close fees — Winning closes pay Papertrade's haircut and 2% fee. • Data: Circuit + Papertrade — Circuit supplies BTC prices; exchange.papertrade.xyz supplies limits and liquidation terms absent from Circuit. • On unwind: USDC and PAPER — Closing returns USDC; earned PAPER remains staked until unstaked.